The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-06
The Virginia State Debt
To the People Of Virginja @,

To the People Of Vdginia:
At a meeting of Virginia BOndhOlders. CON
vened by the Council of Foreign BondhOlders,
and held on Friday, the 18th of september.
4 1886, at the Cannon street Hotel, London,
the following resolutions We're passed unani-
mOuSly:
THAT this meeting deplores the long contest
into which the bOndhOldcrs have been forced
for the maintenance of their rights, and, while
asserting its steadtast determination not 20 ac-
cept the RiddcbcTgcr settlement which. in
view Of the admitted ability of Virginia 10 set
tie with her creditors. and the Sacrilces they
nave already made on her behalf. II considers
dishonest aud unjust. hereby expresses its
willingness 70 meet the state and entertain
reasonable compromise based upon the pres
ent taxation and the available revenue, after
providing for the CONSTITUTIONS appropriation
for government, schools, and other public eX-
penditurc.'
The state had the benefit Of the whole of the
money she originally borrowed lSAhWUO. II
laid the foundation OF her roads, railways, and
canals. and has brought millions of dollars
into the country Had you not constructed
these public works with the bOndhOlders
money you would have 10 be taxed now Tor
them.
No State which borrowed money ever en-
loved the benefit of It's loans more than Nir-
GINA has done. See Senate Document AAIN.
Session. lS,1-'1s.
The present unsettled condition OF the debt
is keeping capital and immigration out OF VIZ
ginia. and rs long as matters so continue you
will never develop the splendid resources of
the State i'm the way they deserve.
The revenue of Virginia Is increasing. The
last assessment shows an increase OF Sj5OJ,-
900 i'm taxable values Your present revenue
might be largely increased if the taxes were
more carefully collected and the present as
sessments on property egualizcd throughout
the state.
What might have been difficult to doa few
years ago is easy now, and each year the bur
den Will become lighter. When the debt ques
t a. I.T al "a
now holds alOOf. Will flow into the state.
The settlement offered by the bOndhOlders
proposes that the bonds now in existence bear
/ ing tax receivable coupons should bedep0Slted
/ in some trust company; that new bonds should
be issued in their place, bearing no taX-recelN
! able coupons. and at low rate OF interest.
| When the State pays hali-years interest on
/ the new bonds, the taX-recelfable coupons Tor
that half-year Shall bc cut OF the old bonds 10y
/ the trust company. cancelled, and delivered 10
the State. ANY increase on the present reYc-
nue. will be appropriated 10y the state, ana
/ the bOndhOldcrs viii not have any claim on II.
! There was 1t cash balance last july IN the
! Treasury of $13, 600. and the average purchase
Of Riddleberger 3s by the state has been at
| lhe rate of 10000 per annum in cash. The
! state has some millions OF dollars OF assets
which would help her iii arranging settle
/ ment.
The bondholders are as deeply interested as
| you are in maintaining the credit and prosper
/ ity of your State. They ask tor fair hearing
and discussion of the question by business
men, and not 10y politicians whose interest II
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way OF bringing about this settle
mcnt is for taxpayers 10 tender coupons ia
/ payment OF their taxes In view of the con
| cliatOry spirit and liberal offer made by the
creditors / venture respectfully 10 submit 10
Won that il is your moral duty, "a well as your
legal right and privilege, to tender coupons for
taxes now due. JAMES =. COOPER.
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